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RVNL said that LoA is for the "Design, Manufacture, Supply, Installation, Testing and Commissioning" of two receiving substations, cabling work, and other systems for the Mumbai Metro line 2B.
The company participated in a consortium with Siemens India, with Siemens as the lead partner with 60% share and RVNL as the consortium partner with 40% share. The project's cost is Rs 300,11,81,354 and EURO 8,838,976.
RVNL is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. It was recently accorded with the status of 'Navratna' central public sector enterprise (CPSE) by the Finance Ministry. As of 31 March 2023, the Government held 78.2% stake in the company.
In Q3 FY23, the company's consolidated net profit increased by 30.5% to Rs 382.42 crore compared to Rs 293.01 crore in Q3 FY22. However, revenue from operations slightly decreased to Rs 5,012.09 crore from Rs 5,049.24 crore in the same quarter last year.
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